Cohesity, a company that specializes in AI-powered data security and management, and Veritas, a provider of secure multicloud data resilience offerings, today announced an agreement under which Cohesity intends to acquire Veritas’ data protection business.
Sanjay Poonen, former chief operating officer (COO) of VMware, will lead the combined organization as CEO and president, and Greg Hughes, chief executive officer (CEO) of Veritas, will serve as a board member and strategic advisor to Poonen after the close of the transaction.
The latter described the deal as a “win-win for our collective 10,000 customers and 3,000 partners.” Cohesity sells only through the channel.
While the value of the transaction was not announced by the two companies, a release stated the move “values the combined company at approximately US$7 billion.”
According to the release, the “combined company will continue to invest in and advance the roadmap and strategy of all Cohesity products and services, as well as Veritas NetBackup, NetBackup appliances, and Alta data protection offerings, while working towards the delivery of an integrated solution combining the best technology across the two companies.”
The two companies, said Hughes, “share a common vision of empowering businesses to protect their critical data assets in the face of evolving cyber threats and complex hybrid cloud environments.”
